Zebpay, one of India's largest crypto-currency exchanges, has announced that it has shut down its exchange activities Friday due to the crypto banking ban imposed by the Reserve Bank.
Zeb IT Service Ltd, the operator of Zebpay, said the recent past has been extremely difficult due to regulatory and banking problems.
The company said the curb on bank accounts has crippled Zebpay's and its customers' ability to transact business meaningfully. "At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business," it added.
The customers have been informed that all non-executed crypto-to-crypto orders will get canceled, and that their coins/tokens will be credited back to their Zebpay wallet.
It noted that the Zebpay wallet will continue to work even after the exchange stops, and customers can deposit and withdraw coins/tokens into their wallet.
The exchange, which claims to have three million users, has played a pioneering role as a cryptocurrency exchange in India, as several investors entered the world of Bitcoin using the Zebpay app, a popular mobile app used for cryptocurrency transactions in iOS and Android.
Although not banned by law, cryptocurrency trading is under tight scrutiny and restrictions in India.
Firms or individuals are not allowed to avail the services of the country's banks, e-wallets, and payment gateway providers to purchase and sell cryptocurrencies after the country's central bank in April imposed a ban on banks providing services to investors in digital currencies.
In its monetary policy review, the Reserve Bank said the decision was taken in view of "the associated risks".
All crypto-related bank accounts were closed in July as directed by the RBI.
Blockchain developers, services providers, and companies dealing in cryptocurrency trading in India are reportedly migrating to crypto-friendly destinations or are seriously considering the option in the wake of increasingly hostile ecosystem in the country.
Zebpay is the latest among a number of crypto exchanges that ceased operations.
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